That’s a wrap for poles and wires

15 May 2017

The State’s electricity networks transactions program, spearheaded by a team from NSW Treasury, has wrapped up with the partial long-term lease of Endeavour Energy to an Australian-led consortium, Advance Energy, for $7.624bn.

Premier Gladys Berejiklian and Treasurer Dominic Perrottet made the announcement on 11 May 2017 with the funds raised from the third and final poles and wires transaction lifting the total gross proceeds from the networks asset recycling program to $34.1 billion.

Proceeds raised from the three electricity networks transactions will fund the $20 billion Rebuilding NSW infrastructure program which includes new public transport, new roads, new schools, new health facilities, upgraded cultural attractions and water security.

Following the completion of the Endeavour Energy transaction, NSW will retain ownership of 51 per cent of the State’s electricity network with Essential Energy (100 %), Ausgrid (49.6 %) and Endeavour Energy (49.6 %) remaining in Government hands.